Swiss Re Group's announcement yesterday that it would secure $2.6 billion in capital from Berkshire Hathaway, in the wake of an $860 million loss last year, failed to keep one rating firm from downgrading its financial strength and two others from putting the firm on negative watch.
The downgrade came from the London office of Moody's Investors Service, which dropped the insurance financial strength and debt ratings of Swiss Reinsurance Company and associated companies to "Aa3" from "Aa2."
A.M. Best Company in Oldwick, N.J., said it placed the financial strength ratings of Swiss Reinsurance Company under review with negative implications. Earlier, Standard & Poor's in New York said it was putting the firm's ratings on CreditWatch with negative implications.
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